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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT of 1934

For the quarterly period ended June 30, 2020

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT of 1934

For the transition period from                  to

Commission File Number 000-30833

BRUKER CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

04-3110160

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

40 Manning Road, Billerica, MA 01821

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (978663-3660

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading Symbols(s)

    

Name of each exchange on which registered

Common Stock

BRKR

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class

    

Outstanding at August 3, 2020

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT of 1934

For the quarterly period ended June 30, 2020

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT of 1934

For the transition period from                  to

Commission File Number 000-30833

BRUKER CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

04-3110160

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

40 Manning Road, Billerica, MA 01821

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (978663-3660

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading Symbols(s)

    

Name of each exchange on which registered

Common Stock

BRKR

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class

    

Outstanding at August 3, 2020

Common Stock, $0.01 par value per share

153,085,243 shares

153,085,243 shares

Table of Contents

BRUKER CORPORATION

Quarterly Report on Form 10-Q

For the Quarter Ended June 30, 2020

Index

Page

Part I

FINANCIAL INFORMATION

1

Item 1:

Unaudited Condensed Consolidated Financial Statements

1

Unaudited Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

1

Unaudited Condensed Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2020 and 2019

2

Unaudited Condensed Consolidated Statements of Redeemable Noncontrolling Interest and Shareholders’ Equity for the three and six months ended June 30, 2020 and 2019

3

Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019

5

Notes to Unaudited Condensed Consolidated Financial Statements

6

Item 2:

Management’s Discussion and Analysis of Financial Condition and Results of Operations

26

Item 3:

Quantitative and Qualitative Disclosures About Market Risk

39

Item 4:

Controls and Procedures

41

Part II

OTHER INFORMATION

42

Item 1:

Legal Proceedings

42

Item 1A:

Risk Factors

43

Item 2:

Unregistered Sales of Equity Securities and Use of Proceeds

44

Item 5:

Other Information

44

Item 6:

Exhibits

45

Signatures

46

Table of Contents

PART I

FINANCIAL INFORMATION

ITEM 1.

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

BRUKER CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data)

June 30, 

    

December 31, 

    

2020

    

2019

ASSETS

Current assets:

Cash and cash equivalents

$

746.8

$

678.3

Short-term investments

50.0

6.6

Accounts receivable, net

 

324.5

 

362.2

Inventories

 

665.4

 

577.2

Other current assets

 

170.5

 

172.0

Total current assets

 

1,957.2

 

1,796.3

Property, plant and equipment, net

 

335.9

 

306.1

Goodwill

295.0

293.0

Operating lease assets

60.0

65.6

Intangibles, net and other long-term assets

295.3

310.5

Total assets

$

2,943.4

$

2,771.5

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY

Current liabilities:

Current portion of long-term debt

$

100.7

$

0.5

Accounts payable

 

119.2

 

118.4

Customer advances

 

149.9

 

137.9

Other current liabilities

 

379.9

 

388.8

Total current liabilities

 

749.7

 

645.6

Long-term debt

 

924.2

 

812.8

Operating lease liabilities

42.4

47.0

Other long-term liabilities

 

320.5

 

327.9

Commitments and contingencies (Note 12)

Redeemable noncontrolling interest

21.1

Shareholders' equity:

Preferred stock, $0.01 par value 5,000,000 shares authorized, none issued or outstanding

 

 

Common stock, $0.01 par value 260,000,000 shares authorized, 173,638,551 and 173,502,375 shares issued and 153,077,692 and 154,155,798 shares outstanding at June 30, 2020 and December 31, 2019, respectively

 

1.7

 

1.7

Treasury stock, at cost, 20,560,859 and 19,346,577 shares at June 30, 2020 and December 31, 2019, respectively

 

(593.8)

 

(543.8)

Accumulated other comprehensive loss

 

(13.5)

 

(25.5)

Other shareholders' equity

 

1,503.0

 

1,474.4

Total shareholders' equity attributable to Bruker Corporation

 

897.4

 

906.8

Noncontrolling interest in consolidated subsidiaries

 

9.2

 

10.3

Total shareholders' equity

 

906.6

 

917.1

Total liabilities, redeemable noncontrolling interest and shareholders' equity

$

2,943.4

$

2,771.5

The accompanying notes are an integral part of these financial statements

1

Table of Contents

BRUKER CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(in millions, except per share data)

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2020

    

2019

    

2020

    

2019

Product revenue

$

347.0

$

411.7

$

692.0

$

794.7

Service revenue

 

76.1

 

78.5

 

154.3

 

155.9

Other revenue

 

1.5

 

 

2.3

 

1.0

Total revenue

 

424.6

 

490.2

 

848.6

 

951.6

Cost of product revenue

 

193.3

 

210.0

 

373.8

 

407.5

Cost of service revenue

 

44.7

 

49.8

 

95.8

 

98.9

Cost of other revenue

0.4

0.5

0.1

Total cost of revenue

 

238.4

 

259.8

 

470.1

 

506.5

Gross profit

 

186.2

 

230.4

 

378.5

 

445.1

Operating expenses:

Selling, general and administrative

 

102.4

 

124.5

 

223.6

 

244.6

Research and development

 

44.1

 

48.5

 

92.6

 

94.9

Other charges, net

 

1.8

 

3.9

 

8.0

 

10.2

Total operating expenses

 

148.3

 

176.9

 

324.2

 

349.7

Operating income

 

37.9

 

53.5

 

54.3

 

95.4

Interest and other income (expense), net

 

(6.6)

 

(5.9)

 

(9.5)

 

(9.4)

Income before income taxes and noncontrolling interest in consolidated subsidiaries

 

31.3

 

47.6

 

44.8

 

86.0

Income tax provision

 

7.1

 

10.6

 

10.0

 

18.3

Consolidated net income

 

24.2

 

37.0

 

34.8

 

67.7

Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries

 

0.1

 

0.5

 

0.2

 

0.4

Net income attributable to Bruker Corporation

$

24.1

$

36.5

$

34.6

$

67.3

Net income per common share attributable to Bruker Corporation shareholders:

Basic

$

0.16

$

0.23

$

0.22

$

0.43

Diluted

$

0.16

$

0.23

$

0.22

$

0.43

Weighted average common shares outstanding:

Basic

 

153.6

 

156.1

 

153.9

 

156.4

Diluted

 

154.7

 

157.6

 

155.1

 

157.7

Comprehensive income

$

34.2

$

49.5

$

46.2

$

65.9

Less: Comprehensive income attributable to noncontrolling interests

 

0.3

 

0.9

 

0.2

 

0.8

Less: Comprehensive income (loss) attributable to redeemable noncontrolling interest

(0.5)

(0.6)

Comprehensive income attributable to Bruker Corporation

$

33.9

$

48.6

$

46.5

$

65.7

The accompanying notes are an integral part of these financial statements.

2

Table of Contents

BRUKER CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY

(in millions, except per share data)

    

    

    

    

    

    

    

    

Total

    

Shareholders'

Accumulated

Equity

Noncontrolling

Redeemable

Treasury

Additional

Other

Attributable to

Interests in

Total

Noncontrolling

Common Stock

Treasury

Stock

Paid-In

Retained

Comprehensive

Bruker

Consolidated

Shareholders'

    

Interest

  

  

Common Shares

    

Amount

    

Shares

    

Amount

    

Capital

    

Earnings

    

Income (Loss)

    

Corporation

    

Subsidiaries

    

Equity

Balance at December 31, 2019

 

$

21.1

154,155,798

$

1.7

 

19,346,577

$

(543.8)

$

199.7

$

1,274.7

$

(25.5)

$

906.8

$

10.3

$

917.1

Stock options exercised

 

30,182

 

 

 

 

0.7

 

 

 

0.7

 

 

0.7

Restricted stock units vested

 

40,516

 

 

 

 

(0.1)

 

 

 

(0.1)

 

 

(0.1)

Stock based compensation

 

 

 

 

 

3.0

 

 

 

3.0

 

 

3.0

Cash dividends paid to common stockholders ($0.04 per share)

 

 

 

 

 

 

(6.2)

 

 

(6.2)

 

(1.2)

 

(7.4)

Acquisition of redeemable noncontrolling interest

(20.6)

 

 

 

 

 

(1.3)

 

 

(1.3)

 

 

(1.3)

Consolidated net income

 

 

 

 

 

 

10.5

 

 

10.5

 

0.1

 

10.6

Other comprehensive income (loss)

 

(0.5)

 

 

 

 

 

 

2.2

 

2.2

 

(0.2)

 

2.0

Balance at March 31, 2020

 

$

154,226,496

$

1.7

 

19,346,577

$

(543.8)

$

203.3

$

1,277.7

$

(23.3)

$

915.6

$

9.0

$

924.6

Stock options exercised

 

61,968

 

 

 

 

1.3

 

 

 

1.3

 

 

1.3

Restricted stock units vested

 

3,510

 

 

 

 

(0.1)

 

 

 

(0.1)

 

 

(0.1)

Stock based compensation

 

 

 

 

 

2.8

 

 

 

2.8

 

 

2.8

Shares Repurchased

 

(1,214,282)

 

 

1,214,282

 

(50.0)

 

 

 

 

(50.0)

 

 

(50.0)

Cash dividends paid to common stockholders ($0.04 per share)

 

 

 

 

 

 

(6.1)

 

 

(6.1)

 

 

(6.1)

Consolidated net income

 

 

 

 

 

 

24.1

 

 

24.1

 

0.1

 

24.2

Other comprehensive income

 

 

 

 

 

 

 

9.8

 

9.8

 

0.1

 

9.9

Balance at June 30, 2020

 

$

153,077,692

$

1.7

 

20,560,859

$

(593.8)

$

207.3

$

1,295.7

$

(13.5)

$

897.4

$

9.2

$

906.6

The accompanying notes are an integral part of these financial statements

3

Table of Contents

BRUKER CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY

(in millions, except per share data)

    

    

    

    

    

    

    

    

Total

    

Shareholders'

Accumulated

Equity

Noncontrolling

Redeemable

Treasury

Additional

Other

Attributable to

Interests in

Total

Noncontrolling

Common Stock

Treasury

Stock

Paid-In

Retained

Comprehensive

Bruker

Consolidated

Shareholders'

    

Interest

  

  

Common Shares

    

Amount

    

Shares

    

Amount

    

Capital

    

Earnings

    

Income (Loss)

    

Corporation

    

Subsidiaries

    

Equity

Balance at December 31, 2018

 

$

22.6

156,609,340

$

1.7

 

16,024,880

$

(401.5)

$

176.9

$

1,102.5

$

17.0

$

896.6

$